FX.co ★ Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray - 21 SMA)

Bitcoin is trading around 62,500 and around the key 4/8 Murray level, which represents a rebound point for the cryptocurrency. In case BTC manages to consolidate above this area, we can expect a technical rebound to occur and the price could reach 64,884 and 66,737.

In case Bitcoin falls below 4/8 Murray, we could look for opportunities to sell with targets at the psychological level of $60,000 and at 3/8 Murray located at 59,376.

The eagle indicator reached the oversold zone. Thus, a technical bounce is likely to occur in the next few days and will be seen as an opportunity to buy.

The 4/8 Murray zone is a key level. Therefore, we must pay attention to this level and be alert for a rebound in the price above this area. If this happens, the entry signal to buy will be confirmed, with the target at the psychological level of $70,000.

On the contrary, a daily close below this 4/8 Murray area could change the outlook in the medium term and Bitcoin could reach the psychological level of $50,000.